Ultimately resulting in fewer zeros on rupiah banknotes and coins, the scheme is dependent upon this socialization (public consultation) phase to make sure the Indonesian people are ready for re-denomination. According to Finance Minister the country is ready for the plan, stating that; “the condition of the Indonesian economy is good, so that it is conducive to the implementation of a re-denomination”.
Meanwhile, op-posers of the plan argue that there is bound to be confusion about this discourse from bankers and the public. In view of the sprawling archipelago and Indonesia’s sizable population, the process of educating people on the re-denomination would be a complex task. Currency experts disagrees though, citing Bali as an example of how currency simplification can, and does work. In Bali, they often replace three zeros with a ‘K’, on goods and products. That’s how the West simplifies thousands – on economic data, financial statements etc.
This example highlights how people can easily adapt to changes in currency re-denomination, but a 'K' is not actually a realistic option for the government or central bank.
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